Tuesday, January 17, 2012

Tuesday Charts

I had a LONG day at work and got home a bit late because it was, wait for it, raining ever so slightly! As such a little pressed for time so just a few thoughts and some charts.

Market Observations
I had plans to open up some longs today. I saw the huge gap up and figured I would wait until around lunch to see how the market was going. I was doing tons of work anyways. Overall markets weakened as the day went on almost closing out the entire gap up open.

Things have gotten a little extended here and a pullback would be very welcome to firm up some support in the SPX 1280-1295 range. I will post charts of some names I am looking at below, but again single stocks acted better than the indices today and that is an important market dynamic change. Should even a near term top be formed, as long as the names I am looking at are moving, who cares?

It's a very heavy earnings week and the banks have been terrible so far. Should that carry over and infect markets on any other poor reports in other sectors things could get more dangerous. I think keeping an eye on the better moving stocks will alert you to that being the case.

Charts
Here are the names I had worked on in the 12631 Trading Room Sunday night and I posted them at that time. Most looking good here (a couple really moved already, dang it!) but I did not like today's candle on TTEK and will have to review that idea going forward. Click any chart for larger view.